Economics & Global Affairs

Joseph S. Nye argues that history shows that globalization is largely driven by technological changes that reduce the importance of distance, and that will not change.

Joseph Nye writes: From an American perspective, it is just as dangerous to underestimate Chinese power as it is to overestimate it. While hysteria creates fear, discounting China's recent progress and future ambitions could lead the United States to squander its own long-term advantages.

Stephen Walt provides A realist POV on the war in Ukraine, competition with China, COVID, and more in the second part of an interview with Foreign Policy Editor-in-Chief Ravi Agrawal.

Between October 2020 and May 2021, the Middle East Initiative conducted a series of nationally representative surveys to measure the economic, social, and public health impacts of the COVID-19 pandemic in the Middle East and North Africa (MENA) region.1 Designed and supervised by Tarek Masoud, Faculty Director of the Middle East Initiative, and Yuree Noh, Research Fellow, the surveys collected responses from 8,500 residents of seven countries in the region—Algeria, Egypt, Kuwait, Morocco, Saudi Arabia, Tunisia, and the United Arab Emirates. Our goal is to provide the data and insights needed to develop effective policy responses to current and future public health crises.

This report summarizes our findings on how COVID-19 has disrupted employment, mental health, food security, education, and childcare in the region during its first year. We also show that the consequences of the pandemic were felt most acutely by some of the region’s most vulnerable populations: the poor, women, youth, and children.

Stephen M. Walt describes a "gnawing fear that we are living through a series of disruptions that are overwhelming our collective ability to respond." What does this mean for public confidence in the entire political system, and is there any cause for optimism?

Stephen Walt argues that the true value of more diverse decision-making teams and more open political systems is not that they never make mistakes but rather that they make it more likely that policy blunders will be corrected once it is clear they are not working.

The success of U.S. President Joe Biden's China policy will depend on whether the two powers can cooperate in producing global public goods, while competing in other areas. The U.S.-China relationship is a "cooperative rivalry," in which the terms of competition will require equal attention to both sides of the oxymoron.  Joseph Nye argues that it will not be easy.

The Covid-19 pandemic has drastically disrupted people’s lives, livelihoods, and economic conditions around the world. The global shock has resulted in a tourism standstill (Djankov 2020), significant capital flight (Djankov and Panizza 2020), and a slowdown in remittances (Nonvide 2020), resulting in an urgent balance-of-payments need. Egypt responded to the crisis with a comprehensive package aimed at tackling the health emergency and supporting economic activity. The Ministry of Finance acted swiftly to allocate resources to the health sector, provide targeted support to the most severely impacted sectors, and expand social safety net programmes to protect the most vulnerable. Similarly, the Central Bank of Egypt adopted a broad set of measures, including lowering the policy rate and postponing repayments of existing credit facilities. The next section highlights the experience of firms in Egypt following these policies.

Stephen Walt looks back at the Trump administration as four years of big ambitions, a handful of successes—and many more failures. He concludes that it was more than a missed opportunity because Trump's blunders have left the United States in much worse shape than when he took office.